Salt Lake County Home Sales Stats For the most part, Salt Lake County saw decreases across the board when comparing the second quarter of 2008 to 2009. A few cities sold more homes this quarter but other than that, numbers have gone down. Overall, the county sold 9% less homes and average sold price went down just over 7%.
About 30% less condos sold in the second quarter of 2008. Sold price dropped a few percent but current median listed price is almost $200,000, about 15% more than what condos sold for in 09. ---------------------------------------------------------------------------------------
The list price of homes for sale in Salt Lake County Utah has continued to decline for at least the last nine months.
Currently the median list price of homes for sale in Salt Lake County is $259,000, and the average list price is at $355,215. This is down substantially from last year.
The sold price of Real Estate in Salt Lake has only dropped slightly over the past few months, but there are more big homes that have sold.
Currently Salt Lake County has 7,891 active residential listings, up 200 from a month ago. Home sales in February were up 25% compared with January.
------------------------------------------------------------------------------------------------ Home sales were down by nearly 23% in Salt Lake County for July. Last year 1018 single family homes in Salt Lake County sold compared to just 789 this year. The average price of homes sold in July was also down by almost 6%. The average price of July homes sold was $291,634 compared to an average sold price of $309,722 last year.
Condo sales in Salt Lake County were down even more. 34% fewer Condominium units sold this year compared to last year when 264 condos sold. The average price of condos remained about the same with an average sold price of $190,682. Quarter II sales numbers Is the market improving, or getting worse in Salt Lake? It's still tough to tell from the data and statistics at this point, but June sales statistics do indicate that the Salt Lake real estate market is improving. One thing for certain is that it isn't as good as it was last year, and it is healthier than Utah County Real Estate.
For the second quarter of 2008 home sales and prices were down compared to Q2 2007 for both houses and condos.
Home sales dropped by nearly 30%, and condo sales were down 34%. Unofficially 2535 single family homes were sold and 571 condos sold in Salt Lake County. The average sold price of homes during the second quarter was $293,395. Down approximately 2% from 2007's average price of $299,233. Salt Lake County currently has 8450 home listings. At Q2's sales pace this is 9.2 months of inventory.
June sales were up 18% compared too May. This could be a sign that the Salt Lake Real Estate market is improving. Or it could just be that June is a more popular month for homes to sell.
--------------------------------------------------------------------------------------------- 2008Home Sales are Way down in Salt Lake County
It's been a harsh winter among the Wasatch front thus far in '08, but weather alone can't account for the huge decline in home sales for Salt Lake County.
According to the Wasatch Front Regional Multiple Listing service, home sales for January were almost half of 2007's January Home Sold. In '07 there were 1145 single family houses sold. This year, just 591 listings sold. A huge decline.
February fared even worse. home sales were down 49%. And that includes an extra day this February thanks to leap year. This sales decline is 1% point worse than January's Salt Lake sales stats with a decline of 48%. This year there were only 591 Single family homes sold. Last year 1,148 houses were sold in Salt Lake County.
Despite the huge decrease in sales, average home price actually went up 4.5% over 2007's values. January's sold price was $264,990. However, the sold price vs. the listing price decreased by 2%. This year, the average sold price was 97% of the list price. Last year it was 99%. Days on market for homes sold is also up to 59 days, compared to 41 in '07.
The market is definitely a buyers market right now, and with interest rates as low as they are, housing is that much more affordable. There are presently 5,940 single family houses on the market in Salt Lake County. To view these active MLS listings click on this link.
2007 Home Sales Numbers
There were approximately 11,500 homes sold in Salt Lake County in 2007. The average price of single family homes sold was $296,156 and the median sales price was $249,900. Homes listed on the market were on for an average of 37 days. There were also 2,763 condo's sold. The average sales price was $192,057 and the median sales price was $171,400.
The numbers of actual homes sold was down 22%, but average sales price was up 9%. In '06 there were 15,180 homes and 3,272 condos sold. The average sold price was $269,692 for single family homes and $163,213 for condos.
As of Jan 2nd, there are 5,680 Single Family Homes listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900.
There are also 1,054 condominiums listed with an average asking price of $261,193 and a median price of $219,900
The price of homes on the market now is substantially more than the average of homes sold. Either listing prices must come down, or else Salt Lake prices will continue to go up. Both will likely happen in 2008. There's a lot more inventory than there has been any time the last few years. Interest rates are low. It's a good time to buy in SLC.
Major Salt Lake County Cities 2007 Sales
Bluffdale Houses Sold: 533 Average Price: 459,702 Median Price: 420,000
Cottonwood Heights Houses Sold:214 Average Sold Price: 374,402 Median Sales Price: 315,000
Draper Houses Sold: 511 Average Sold Price: 491,955 Median Sales Price: 417,758
Herriman Houses Sold: 365 Average Sold Price: 348,670 Median Sales Price: 315,750
Holladay Houses Sold: 187 Average Sold Price: 491,331 Median Sales Price: 380,000
Kearns Houses Sold: 249 Average Sold Price: 173,064 Median Sales Price: 166,000
Magna Houses Sold: 496 Average Sold Price: 181,234 Median Sales Price: 174,900
Midvale Houses Sold: 237 Average Sold Price: 230,452 Median Sales Price: 219,950
Murray Houses Sold: 262 Average Sold Price: 272,853 Median Sales Price: 242,000
Riverton Houses Sold: 440 Average Sold Price: 338,192 Median Sales Price: 301,350
SLC Houses Sold: 3,544 Average Sold Price: 294,705 Median Sales Price: 235,000
Sandy Houses Sold: 1,145 Average Sold Price: 369,280 Median Sales Price: 300,000
South Jordan Houses Sold: 544 Average Sold Price: 385,273 Median Sales Price: 354,500
Taylorsville Houses Sold: 468 Average Sold Price: 218,383 Median Sales Price: 204,450
West Jordan Houses Sold: 1,434 Average Sold Price: 252,276 Median Sales Price: 240,900
West Valley City Houses Sold: 1168 Average Sold Price: 206,380 Median Sales Price: 198,000
Approximate Location Boundaries: The Entire Salt Lake Valley
Location Characteristics: The Entire Salt Lake Valley
About Salt Lake City Homes:
Cornerstone Real Estate Professionals is a group of top Northern Utah Real Estate Agents who focus on providing the best communication and technology to assist us in the real estate transaction. For more information visit: UtahCornerstone.com or Cache Valley Homes
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
